PRESS DIGEST - Philippine newspapers - Nov 12

MANILA, Nov 12 (Reuters) - These are the leading stories in Manila newspapers on Thursday. Reuters has not verified these stories.

- The presidential palace expressed confidence that President Gloria Macapagal Arroyo would weather another impeachment case that might be filed against her in connection with a multi-million dollar telecommunications kickback scandal. (PHILIPPINE DAILY INQUIRER, MANILA BULLETIN)

- President Gloria Macapagal Arroyo is expected to lift the price ceiling on basic commodities on selected areas in Luzon soon as prices and supply normalises. (MANILA STANDARD TODAY, MANILA BULLETIN, MALAYA)

- Senators Ramon Revilla and Juan Miguel Zubiri rejected the offer of the administration party to be the running mate of Defence Secretary Gilbert Teodoro in the May 2010 elections. (THE PHILIPPINE STAR)

********

BUSINESS

- Metro Pacific Corp (MPI.PS) insisted that a recent multi-billion peso deal to acquire 6.7 percent of the Lopez family's remaining shares in Manila Electric Co (MER.PS) was legal and did not violate the tender offer rules. (BUSINESSMIRROR, BUSINESSWORLD)

- Philex Mining Corp (PX.PS) will invest 1.2 billion pesos ($26 million) in its wholly-owned Philex Petroleum Corp in preparation for possible acquisition of new assets. (ALL PAPERS)

- American banking giant Citigroup sees the government posting a budget deficit of 118 billion pesos in the fourth quarter of the year due to weak tax collections and higher spending. (THE PHILIPPINE STAR)